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Spring Comes Early to Champaign County Area Housing Market;

Home Sales Rally in February

Residential home sales in the Champaign County area increased 7.75 percent in February, a positive sign of a healthy start to the spring housing market, according to the Champaign County Association of REALTORS®.

            CCAR reported the number of home sales in February totaled 139, up 7.75 percent from 129 home sales in February 2018.

            The median home sale price (for all single-family homes and condominiums was $138,000, down 8.61 percent from February a year ago. The average home sale price stood at $163,419 in February, off 4.11 percent as compared to $170,424 in February 2018.

            “Mortgage rates declined in February and dropped even further this past week which is a positive sign of encouragement for home seekers who have waited all winter and are ready to begin their spring shopping,” said Eric Porter, president of the Champaign County Association of REALTORS®. “We are starting to see more sales inventory within the Champaign County area and are hearing there are many more sellers who are anxious to list their homes this spring.”

            Realtor.com recently reported the first week of April is the best time to put a home on the market in 2019. “By listing during the week of March 31-April 6, sellers are able to take advantage of a sweet spot in the season that offers high buyer demand, less competition, quick home sales and strong prices,” according to the realtor.com news release.

            ‘While interest rates hit a rocky road over the past few months, they are now at the lowest they have been since November of 2018 and are thus increasing the potential buying power of more buyers,” said Porter. “Lower mortgage rates combined with decelerating home price growth should get more prospective buyers off the fence and eager to enter the market. All indicators including steady foot traffic at open houses and an uptick in mortgage applications signal improving conditions.”

            The average rate on a 30-year fixed rate mortgage for the month of February according to the Federal Home Loan Mortgage Corporation (Freddie Mac) was 4.37 percent, down from 4.46 percent in January of 2019 and up from 4.33 percent in February of 2018. The 30-year fixed rate mortgage (FRM) averaged 4.31 percent with an average 0.4 point with the week ending March 14, 2019, down from the previous week when it averaged 4.44 percent.

            “More new home construction is needed within affordable price ranges to meet the demands by increasing numbers of millennial homebuyers who are seeking housing at affordable price points,” said Porter.

            The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding areas and is the leading resource for REALTOR® members and an advocate for homeownership and private property rights. Data compiled by Midwest Real Estate Data, LLC as available on March 14, 2019.

Monday, March 18, 2019/Categories: News Releases